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Top Buys by Top Brass: CAO Hester's $211.2K Bet on INN

A company’s own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ”top brass” over the trailing six month period, one of which was a total of $211.2K by Troy L. Hester, CAO at Summit Hotel Properties Inc (NYSE: INN).

Hester’s average cost works out to $8.45/share. Shares of Summit Hotel Properties Inc were changing hands at $8.57 at last check, trading up about 2% on Wednesday. The chart below shows the one year performance of INN shares, versus its 200 day moving average:

Looking at the chart above, INN’s low point in its 52 week range is $7.40 per share, with $10.16 as the 52 week high point — that compares with a last trade of $8.57.

The current annualized dividend paid by Summit Hotel Properties Inc is $0.45/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 11/09/2012. Below is a long-term dividend history chart for INN, which can be of good help in judging whether the most recent dividend with approx. 5.4% annualized yield is likely to continue.

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